While earnings season has been a major downside catalyst for the market so far, last night there was a notable exception: Facebook.

US stock futures point to a higher open after oscillators went out pretty oversold last night. Some European PMIs were soft, but China was a bit better. Earnings continue to roll in, and most are saying that revenues and fourth quarter guidance are more disappointing than anticipated.

We could see some type of bounce attempt, but I think the odds are high that yesterday’s low doesn’t stick. Resistance on the SPDR S&P 500 ETF (NYSEARCA:SPY) sits where the gap starts from yesterday at $142.06. Then the next resistance is $142.28-142.58, which is a very attainable spot. After that, $143.05 is the area that would need to contain the snap back for bears to remain in full control. All of the moving averages start curling down around $143.70, which is the line in the sand for bears to defend.

While earnings season has been a major downside catalyst for the market so far, last night there was a notable exception: Facebook (NASDAQ:FB). The social networking stock has been much-maligned since it hit the market, losing more than half of its value within months of the IPO. However, last night's earnings report topped estimates and the company reported a 36% jump in advertising revenue. Analysts across the board are hailing the numbers in the report, and the stock is set to open 25% higher this morning!

Boeing (NYSE:BA) is also up around 3% pre-market after topping Wall Street estimates, and AT&T (NYSE:T) is slightly higher as well after its earnings report. On the other end of the spectrum, Netflix (NASDAQ:NFLX) released another dismal earnings report last night and is about 16% lower in the pre-market.

While there may be some opportunities for cash flow longs over the next day or so, I do not yet think it is time to trust swing long positions. Prudent traders should wait for more calculated entries to set up over the next few weeks before looking to be aggressive.